KNOWLEDGE BASE

How is the interest calculated on my credit card account?

To get started, log into online banking and follow these steps:

  1. Find the Days in Billing Period line
    Make note of the number of days in the billing period. You can find it on page 1, at the bottom of the Activity Summary section.
  2. Locate your Annual Percentage Rate (APR)
    Your APR is listed in the second to last column of the Interest Charge Calculation section, towards the end of the statement. 
  3. Calculate the Daily Periodic Rate (DPR)
    1. Take the APR and divide it by the number of days in the current year.
      Example: 23.49% APR / 365 days = 0.0643561% DPR.
    2. Once that's done, covert this to a decimal by dividing the DPR by 100.
      Example: 0.0643561% DPR / 100 = 0.000643561 DPR
  4. Find the Balance Subject to Interest (BSI)
    Within the Balance Subject to Interest column, you'll see the amount(s) listed for balance transfers, purchases, and cash advances. 
  5. Using the information from above, calculate the interest charged
    Take the Balance Subject to Interest, multiplied by the Daily Periodic Rate (in decimal form), multiplied by the Days in Billing Period. 
Formula: BSI x DPR x Days in Billing Period = Interest charged
Example: The purchase balance subject to interest is $1500, the APR is 23.49% and there's 32 days in the billing period.
To calculate the interest charged based on this information:
$1500 (BSI) x 0.0006435 (DPR in decimal form) x 32 Days in Billing Period = $30.88

Additional information:

Payments made before your due date can reduce the overall BSI as this is based your average balance(s) for the entire billing period. If you have questions or need assistance, please call us at 800-285-8585 and a representative can help you. We accept relay calls.